Financial Management Capabilities of the School Principals on the Allocated Maintenance and Other Operating Expenses (MOOE)

Abstract

INTRODUCTION

Several problems remain unsolved regarding budget preparation, execution, and control in public elementary schools in the Division of Albay. The findings of this study can enhance the essential competencies in this area of management which can greatly influence the effectiveness and efficiency of the performance of the school as a whole. There is a need to include this kind of study in the field of research and in education so that school principals may gain insights on how to manage school finances properly. Further research regarding financial management capabilities of school principals may also be conducted using other variables which were not included in the present study.

METHODS

The descriptive evaluative method was employed in determining the financial management of the public elementary school principals in the Division of Albay on the allocated MOOE and the constraints encountered by the principals in the financial management of MOOE and the relationship of the principal's profile to his financial management capabilities. forty-five school heads and forty-five public elementary school teachers who are members of Bids and Awards Committee, Division of Albay comprised the respondents of the study. The main instrument used in data gathering was the questionnaire checklist supplemented by informal interviews. Library technique was likewise employed to gather secondary sources of data for this study.

RESULTS

The study yielded the following salient findings: 1. the school principals are very capable on budget preparation; while capable along budget execution, monitoring and evaluation. 2. The constraints on resource allocation, including provision for contingency, publishing financial statements regularly for transparency and participating in monitoring some aspects of the school budget were very much a problem.

DISCUSSIONS

To enable the principals to do work with better precision, it would be very crucial if they would continuously boost their own professional development by acquiring relevant financial skills and abilities required to effectively manage resources in the school.on the issue of transparency and monitoring of school funds, the principals lack formal financial management training. These problems can likewise be resolved by having a bursar or even a teacher for that matter who possesses relevant skills in financial accounting and annual balance sheet of the school.